GBP/USD has had a volatile session oscillating within a 160 pip range after Brexit developments
It has been a day of mixed messaged and interesting price action as lots of Brexit headlines hit the wires. The beginning of the session was full of negativity there was short-lived after UK MP Michael Gove stated that "differences in Brexit talks still remain and the UK are looking at steps to safeguard borders after Brexit". Then approximately an hour or so later Ursula Gertrud von der Leyen the president of the European Commission said that the EU has sent formal notice to the UK for breaching its obligations under the Withdrawal Agreement. This was to be expected and any legal action could take months.
GBP/USD: Intraday weakness is seemingly now a chance to buy
Although intraday moves reflect a degree of uncertainty with choppy trading on Cable, the direction of travel continues higher near term. The big question is whether the bulls can overcome key medium term pivot/resistance at 1.3000. As a run of positive closes builds, with the market pulling above 1.2860 (a September pivot) we see a positive bias within what is still a three week consolidation between 1.2670/1.3000.
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